ConnectOne Bancorp, Inc. reported net income available to common stockholders of $18.7 million for the first quarter of 2025, which was essentially flat compared to $18.9 million in the fourth quarter of 2024. Diluted earnings per share were $0.49 for the quarter, consistent with the prior quarter. Operating net income available to common stockholders was $19.7 million, with operating diluted earnings per share at $0.51.
The company's fully taxable equivalent net interest income increased to $65.8 million, a 1.6% rise from the fourth quarter of 2024, driven by a seven basis-point widening of the net interest margin to 2.93%. This margin expansion was primarily due to a 21 basis-point decrease in the average cost of deposits. Noninterest income also saw an increase to $4.5 million, up $0.7 million from the previous quarter.
Credit quality trends remained stable, with nonaccrual loans decreasing to 0.61% of total loans and annualized quarterly charge-offs remaining below 0.18%. The tangible book value per share increased by more than 3% since the merger announcement, reaching $24.16. The loan to deposit ratio declined to 105.6%, and the regulatory Commercial Real Estate (CRE) concentration ratio improved by 15 percentage points to 420%.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.